The Climatescope 2015 Index, an annual report released by Bloomberg New Energy Finance, has highlighted that South Africa remains within the global top 10 as an attractive renewable energy investment destination, as it has attracted an estimated $11 billion in clean power investment since 2012.
The annual report is composed by Bloomberg New Energy Finance (BNEF) on behalf of the UK and US governments, including development agencies.
The authors of the report noted: “Climatescope’s primary goal is to present the public with an almanac of clean energy investment and deployment facts on 55 of the world’s most important developing nations, along with 25 Indian states and Chinese provinces.”
The data analysed 55 emerging market countries across the globe and each one’s ability to attract investment for low-carbon energy sources. The scope covered technologies including—wind, solar, geothermal, biomass, small hydro and biofuel.
The clean power study did not include large hydro and nuclear as its focus is on technologies that can be deployed easily and have a quick turn-around time for operation.
South Africa was ranked fourth, coming behind China, Brazil and Chile and was ahead of India and Mexico. East African countries including, Kenya and Uganda, were ranked 6th and 9th respectively.
Nigeria, meanwhile, climbed several places to twelfth, recording the only other financing outside of Kenya and South Africa above $100-million in 2014, for 40 MW of small hydro.
South Africa’s rank has been attributed to the country’s successful implementation and drive of “power contract tenders”. Kenya and Uganda’s positions are owed respectively to geothermal policy and investment and an innovative feed-in-tariff programme, GET-FiT Uganda.
BNEF Africa analyst, Nico Tyabji, told Engineering News Online that South Africa’s drop from ranking 3rd in the 2014 report is mainly due to delays in closing deals in 2014, which had subsequently been concluded in 2015. He added that the decline in investment levels in 2014 had been nearly fully compensated for by higher deployment levels during the year.
View the full Climatescope 2015 index.
Source: This post first appeared HERE